Daily Market Review 10 of May

As The Greek economy got some support with yet another rescue plane markets are simply all over the place.

Greek and Spain main equity indices got chopped by another 4% to 8.5 year low.

U.S Dow Jones closed at 0.75% ending a six days in a row of negative sessions summing to 4% loss since last week.

Gold and Oil dropping as fears of another recession heat the markets.

Key fundamentals to watch today.

11:00 UK BOE Rate announcement.
12:30 U.S Initial claims.
13:30 U.S Fed chairman speaks.


The AUD did not find support since last week’s rate cut, short term support is expected at 1.004 and 0.998. Long term support at 0.97. Short term resistance at 1.0219 and then again at 1.046.

Gold has broken some major short term support levels and is expected to trade on its long term triangle shaped continuation pattern.

Short term support is at 1550 and at 1590. resistance at 1640.